Despite heated denials by Greek government and finance ministry “sources” on Tuesday, a EU Commission compliance report this week linked with the third review of the ongoing Greek bailout nevertheless stated that the number of electronic auctions in the country over the next three years must reach 40,000 a year.
During the current year, Greece’s four systemic banks are planning to put some 10,000 foreclosed properties on the auction block.
According to the Commission report, however, the latter figure is judged as ambitious, given that no more than 30 electronic auctions in the country were recorded in December 2017. Roughly 500 “e-auctions” have been scheduled in Greece this month, while up to 2,000 such auctions per month will have to be completed by December 2018 to meet the initial forecasts.
Greece’s thrice-recapitalized systemic banks have promised the SSM that they will meet specific goals in terms of reducing a “mountain” of bad debt they hold in the form of non-performing loans (NPLs) in 2018.
The latest tally of electronic auctions, held last Wednesday, reached 80, with most of the properties scooped up by the creditors holding the liens to the foreclosed assets.
